Overview
What is Catalytic Development Funding Corp Of Northern Kentucky?
Catalytic Development Funding Corp of Northern Kentucky is a nonprofit organization, specifically a Community Development Financial Institution (CDFI) certified by the US Department of Treasury. Located in Covington, Kentucky, their mission is to stimulate economic development and improve the quality of life for low-income (LMI) communities in Northern Kentucky's River Cities. They achieve this by employing innovative financing products, development services, and Vibrancy Initiatives that transform revitalization plans into completed projects with lasting impact. In 2022, the Catalytic Fund deployed $9,142,500 in capital, a 137% increase from 2021, and developed an active pipeline of $11,470,000. Their investments and development services have resulted in new investments of $26.3 million, preservation and renovation of 19 historic buildings, creation of 86 residential units, including 41 affordable units, and provision of 95,000 square feet of commercial space. Furthermore, they funded a community facility offering low-cost auto repair services for LMI individuals reliant on transportation for employment and education opportunities.
Official website here: www.thecatalyticfund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star Rating)
The Catalytic Development Funding Corp Of Northern Kentucky has received an 81% rating, indicating a solid level of accountability and financial health. This score is derived entirely from the Accountability & Finance beacon, reflecting effective governance practices and transparency in operations. The organization has a fully independent board, which contributes positively to its governance structure.
Strengths of the organization include a high program expense ratio of 87.89%, showing that a substantial portion of funds is directed towards its programs rather than administrative costs. Additionally, the charity has established strong policies regarding conflicts of interest, whistleblowing, and document retention, all of which reinforce its commitment to ethical practices and accountability.
While the organization has demonstrated strong performance in accountability, there are no specific limitations noted in the data provided. Overall, the Catalytic Development Funding Corp Of Northern Kentucky presents itself as a reliable nonprofit, committed to transparency and effective program delivery.
This AI summary has been generated from information found on Charity Navigator.
Is Catalytic Development Funding Corp Of Northern Kentucky legitimate?
Catalytic Development Funding Corp Of Northern Kentucky is a legitimate nonprofit organization registered as a 501(c)(3) entity. Catalytic Development Funding Corp Of Northern Kentucky submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $449,476
Professional Fundraising Fees: $0
Other Salaries and Wages: $153,070
For more financial information, click here
Official website here: www.thecatalyticfund.org
What is the mission statement of Catalytic Development Funding Corp Of Northern Kentucky?
The Catalytic Development Funding Corp's mission is centered around attracting quality investments that foster economic development and community development in underserved areas. As a Community Development Financial Institution (CDFI), the organization brings non-traditional growth capital to communities in need of thoughtful investment. Their innovative financing products, development services, and vibrancy initiatives help convert community revitalization plans into completed projects with lasting and measurable impact. In 2022, they deployed $9,142,500 in capital, supporting 13 projects that resulted in new investments, preserved historic buildings, created affordable housing, and provided low-cost auto repair services for individuals reliant on automobile transportation.
Official website here: www.thecatalyticfund.org
Who is the CEO of Catalytic Development Funding Corp Of Northern Kentucky?
Jeanne Schroer is the President/Ceo of Catalytic Development Funding Corp Of Northern Kentucky. The CEO's salary of Catalytic Development Funding Corp Of Northern Kentucky is $250,000 and their total compensation is $272,031.
Official website here: www.thecatalyticfund.org
What is the revenue of Catalytic Development Funding Corp Of Northern Kentucky?
Catalytic Development Funding Corp Of Northern Kentucky's revenue in 2022 was $2,528,032.
Official website here: www.thecatalyticfund.org
Who are the executives of Catalytic Development Funding Corp Of Northern Kentucky and what are their salaries?
The average compensation at Catalytic Development Funding Corp Of Northern Kentucky during 2022 was $100,424. There are 6 employees and 18 volunteers at Catalytic Development Funding Corp Of Northern Kentucky.
Here are 21 key members and their salaries (Catalytic Development Funding Corp Of Northern Kentucky's CEO's salary is $250,000 and their total compensation is $272,031):
- Compensation: $250,000
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- Other: $22,031
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Official website here: www.thecatalyticfund.org
Where can I find the form 990 for Catalytic Development Funding Corp Of Northern Kentucky?
Catalytic Development Funding Corp Of Northern Kentucky's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thecatalyticfund.org
Learn more at the official website: www.thecatalyticfund.org
Mission Statement of Catalytic Development Funding Corp Of Northern Kentucky
Catalytic Development Funding Corp of Northern Kentucky, a Community Development Financial Institution (CDFI) certified by the US Department of Treasury, is dedicated to bringing non-traditional growth capital to underutilized sites and buildings in low-income communities in need of thoughtful investment. Their mission is to attract quality place-based investments that result in economic development, including job and talent attraction, and local community development, leading to improvements in the quality of life and place for low-income residents.
In 2022, Catalytic Development Funding Corp of Northern Kentucky demonstrated its commitment to this mission by deploying $9,142,500 in capital, a 137% increase from the previous year's deployment of $3,872,500. This investment led to the creation of $26.3 million in new investment in the CDFI's target market, preserving and renovating 19 historic buildings, creating 86 residential units, 41 of which are affordable to households earning 80% of the area median income. Additionally, they developed 95,000 square feet of tenant-ready commercial space and funded a community facility providing low-cost auto repair services for low-income individuals who rely on automobiles for employment and educational opportunities.
In summary, Catalytic Development Funding Corp of Northern Kentucky is a mission-driven organization that leverages innovative financing, development services, and vibrancy initiatives to transform community revitalization plans into completed projects with lasting and measurable impact. Their focus on attracting quality place-based investments leads to economic development and improved quality of life for low-income residents, making them a vital partner in the revitalization of underutilized communities.
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Impact
October, 2024
Catalytic Development Funding Corp of Northern Kentucky has made a significant impact on community revitalization and economic development in the region. Through its innovative financing products and development services, it effectively converts revitalization plans into successful projects that yield lasting benefits.
In 2022, the organization deployed $9,142,500 in capital, marking a remarkable 137% increase from the previous year. This funding supported 13 projects that generated $26.3 million in new investments, showcasing the organization's ability to attract substantial financial resources to the area. Among the achievements, 19 historic buildings were preserved and renovated, adding character and history to the community.
Moreover, the initiative provided 86 new residential units, with 41 units affordable for households earning at or below 80% of the Area Median Income (AMI). This focus on affordable housing addresses critical needs within low- and moderate-income (LMI) communities, enhancing residents' quality of life and access to housing.
The development of 95,000 square feet of tenant-ready commercial space reflects a commitment to economic opportunities, allowing businesses to thrive and create jobs in the region. Additionally, the funding of a community facility offering low-cost auto repair services underscores the organization's dedication to meeting practical needs for LMI individuals, enabling them to maintain reliable transportation for employment and education.
Overall, Catalytic Development Funding Corp has played a pivotal role in transforming Northern Kentucky's river cities, fostering environments where economic growth and community enhancement can flourish.
This information is meant to be a general summary of Catalytic Development Funding Corp Of Northern Kentucky. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $460,150
- Program Service Revenue: $78,070
- Gross Receipts: $2,528,032
Assets and Liabilities:
- Total Assets: $20,725,291
- Total Liabilities: $18,573,141
- Net Assets: $2,152,150
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN ORIGINATION FEES
Revenue
$59,177
DEVELOPMENT SERVICES
Revenue
$18,893
Organization Details
Founding Year
2008
Phone
(859) 757-0519Principal Officer
Jeanne Schroer
Main Address
50 EAST RIVERCENTER BLVD 260, COVINGTON, KY, 410111602
Website
www.thecatalyticfund.orgNTEE Category
Code: S31 - Community improvement
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